Japan Launches Panel to Review Foreign Investment

Tokyo, June 29 (Jiji Press)–The Japanese government on Monday held the first meeting of the Japan Foreign Investment Committee, or JFIC, which will conduct cross-ministerial reviews of foreign investments in Japanese companies, with the aim of preventing leaks of technology and information critical to national security. During the meeting, Prime Minister Sanae Takaichi said, “Conducting consistent reviews across ministries and agencies will also enhance predictability for foreign investors, thereby contributing to both promoting sound investment and ensuring economic security.” The JFIC was launched after the U.S. Committee on Foreign Investment in the United States, or CFIUS, which has the power to advise the president to block or suspend foreign investments in the United States. A bill to revise the foreign exchange and foreign trade law was enacted during the current Diet session, paving the way for the launch of the JIFC. The committee is co-chaired by the Finance Ministry and the National Security Secretariat and involves relevant government bodies including the Ministry of Economy, Trade and Industry and the Defense Ministry. After the day’s meeting, Finance Minister Satsuki Katayama told reporters, “We will make every effort in close collaboration with the relevant ministries and agencies.” END [Copyright The Jiji Press, Ltd.]